Ray's beginning and ending accounts receivable balances are $147,990 and $142,720, respectively. Ray's sold $3,745,060 of merchandise, of which 50% was on credit. Determine the amount of cash collections for the period.

Ray's beginning and ending accounts receivable balances are $147,990 and $142,720, respectively. Ray's sold $3,745,060 of merchandise, of which 50% was on credit. Determine the amount of cash collections for the period.

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter16: Accounting For Accounts Receivable

Section: Chapter Questions

Problem 1CE

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Ray's beginning and ending accounts receivable balances are $147,990 and $142,720, respectively. Ray's sold $3,745,060 of merchandise, of which 50% was on credit.

Determine the amount of cash collections for the period.

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